Leeds Building Society expects to name new chief within month

Current chief executive Ian Ward was due to retire at yesterday’s Annual General Meeting (AGM) but his plans have been put on hold after the man set to fill the position fell ill. Finance director and deputy chief executive David Pickersgill, who was set to take over at the end of December, has been on sick leave for the last six months.

The society appointed an executive search firm to find other suitable candidates to succeed Mr Ward who will remain in post until a new chief executive is appointed.

Gary Mitchell, who has worked for the society for over 10 years, latterly as general manager for finance and risk, is acting finance director.

Mr Ward told the Yorkshire Post: “The search is at an advanced stage and we expect to announce the name of the new chief executive in the next four weeks.”

The society’s 136th AGM took place at Leeds City Museum and was attended by 97 members.

During the meeting, chairman Robin Smith paid tribute to Mr Ward’s long service, describing him as “exceptionally able”, “unwaveringly diligent” and “fun” to work with.

He said: “It has been an enormous pleasure for me to work alongside him for 13 years.”

He added: “I am hopeful we will be able to announce the new appointment shortly. Ian will be retiring some time this year, a few months later than planned. I would like to take this opportunity to thank him for his enormous contribution to the society’s success since he joined 16 years ago.”

Leeds Building Society announced plans to increase its mortgage lending by 25 per cent this year as it unveiled record operating profits for 2010.

The UK’s fifth largest building society said it hoped to lend £1.25bn in 2011 after its savings balances grew by £245m during the year to a record £7bn. Operating profits last year rose to £84.5m from a record £80.1m in 2009.

Mr Ward received a bonus of £107,000, an increase on £94,000 he received the previous year. His basic pay increased by £9,000 to £333,000 in 2010.

Meanwhile, members voted for the re-election of Ian Ward and Rodger Booth, and for the election to the board of Les Platts, former audit partner and practice senior partner for Deloitte in the North East.

One member questioned whether there was a conflict of interest with Mr Platts’ appointment as Deloitte is Leeds’ auditor.

But Mr Smith said that since Mr Platts retired from the firm two years ago, answered a job advert for the role and wasn’t directly involved in Leeds’ accounts, he was an independent member of the board.